Romney jobs plan: cut taxes, slap China, drill oil

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NORTH LAS VEGAS, Nev. (AP) — Republican presidential hopeful Mitt Romney is proposing to reduce regulations and taxes on companies, sanction China over its currency practices, and weaken the clout of labor unions.

Those initiatives are part of a wide-ranging economic proposal Romney released on Tuesday while campaigning in Nevada, a state hit hard by the economic meltdown.

As he tries to hold off Texas Gov. Rick Perry, a surging rival for the nomination, Romney is putting out a multi-point plan designed to position him as the GOP contender with the most comprehensive approach to job growth.

The plan calls for reducing or eliminating several taxes, extracting more U.S. oil and natural gas, expanding trade pacts and slashing federal spending.

Democrats say Romney’s plan is wrong-headed and doomed to fail.